←Use PMT-to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $3600 and an annual interest rate of 16% With no further1-purchases charged to the card and the balance being paid off over three years, the monthly payment is $127, and the total interest paid is $972. You can get a bank loan at 8.5% with a term of fouryears. Complete parts (a) and (b) below.a. How much will you pay each month? How does this compare with the credit card payment each month? Select the correct choice below and fill in the answer boxes to complete your choice.(Do not round until the final answer. Then round to the nearest dollar as needed)This is 5A. The monthly payments for the bank loan are approximately $OB. The monthly payments for the bank loan are approximately $This is 5less than the monthly credit card paymentsmore than the monthly credit card payments

When the lender lends a loan to the borrower for a certain time period, he charges the rate of…

Answered: Use PMT= to determine the regular…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 14P

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Use PMT = to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of - nt 1- + n $4500 and an annual interest rate of 18%. With no further purchases charged to the card and the balance being paid off over four years, the monthly payment is $132, and the total interest paid is $1836. You can get a bank loan at 10.5% with a term of five years. Complete parts (a) and (b) below. a. How much will you pay each month? How does this compare with the credit-card payment each month? Select the correct choice below and fill in the answer boxes to complete your choice. (Do not round until the final answer. Then round to the nearest dollar as needed.) O A. The monthly payments for the bank loan are approximately $ This is $ more than the monthly credit-card payments. O B. The monthly payments for the bank loan are approximately $ This is $ less than the monthly credit-card payments. b. How much total interest will you pay? How does this compare with…
P. Use PMT- to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of 1-1+ $6100 and an annual interest rate of 19%. With no further purchases charged to the card and the balance being paid off over five years. the monthly payment is $158, and the total interest paid is $3380. You can get a bank loan at 11.5% with a term of six years. Complete parts (a) and (b) below. a. How much will you pay each month? How does this compare with the credit-card payment each mont? Select the corect dchoice below and fil in the answer boxes to complete your choice. (Do not round until the final answer. Then round to the nearest dollar as needed.) OA The monthly payments for the bank loan are approximately S This is S more than the monthly credit-card payments. OB. The monthly payments for the bank loan are approximately S This is $ less than the monthly credit-card payments. b. How much total interest will you pay? How does this compare with the total…
Use PMT= to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $4800 and an annual interest rate of 19%. With no further purchases charged to the card and the balance being paid off over five years, the monthly payment is $125, and the total interest paid is $2700. You can get a bank loan at 11.5% with a term of six years. Complete parts (a) and (b) below. a. How much will you pay each month? How does this compare with the credit-card payment each month? Select the correct choice below and fill in the answer boxes to complete your choice. (Do not round until the final answer. Then round to the nearest dollar as needed.) This is $ O A. The monthly payments for the bank loan are approximately $ monthly credit-card payments. O B. The monthly payments for the bank loan are approximately $ monthly credit-card payments. This is $ more than the less than the
Use PMT= 1- P n to determine the regular payment amount, rounded to the nearest dollar. Your credit - nt card has a balance of $3200 and an annual interest rate of 17%. With no further purchases charged to the card and the balance being paid off over two years, the monthly payment is $158, and the total interest paid is $592. You can get a bank loan at 9.5% with a term of three years. Complete parts (a) and (b) below. ... a. How much will you pay each month? How does this compare with the credit-card payment each month? Select the correct choice below and fill in the answer boxes to complete your choice. (Do not round until the final answer. Then round to the nearest dollar as needed.) This is $ A. The monthly payments for the bank loan are approximately $ credit-card payments. B. The monthly payments for the bank loan are approximately $103. This is $ 55 less than the monthly credit-card payments. more than the monthly b. How much total interest will you pay? How does this compare…
Consider a credit card with a balance of $7000. You wish to pay off the credit card in each scenario. Calculate the following. Round your answer to the nearest cent, if necessary.a. The amount of a monthly payment within the time frame givenb. The total amount paid over the time period12. APR of 17.99% paid off within 1 year APR of 24% paid off within 3 years
onsider a credit card with a balance of $8500 and an APR of 14.5%. If you want to make monthly payments in order to pay off the balance in 11 year, what is the total amount you will pay? Round your answer to the nearest cent, if necessary
Use PMT= HA to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $4200 and an annual interest rate of 1% You decide to pay off the balance over three years. If there are no further purchases charged to the card, a. How much must you pay each month? b. How much total interest will you pay? a. The monthly payments are approximately $ (Do not round until the final answer. Then round to the nearest dollar as needed.) b. The total interest paid over 3 years is approximately $ (Round to the nearest dofar as needed.)
P. Use PMT to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $4800 and an annual -nt interest rate of 12%. You decide to pay off the balance over three years If there are no further purchases charged to the card, a. How much must you pay each month? b. How much total interest will you pay? ked Scol a. The monthly payments are approximately S (Do not tound until the final answer Then round to the nearest dollar as needed) suon estion
Use PMT = to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of S$3600 and an annual interest rate of 12%. You decide to pay off the balance over five years. If there are no further purchases charg -nt7 1- 1+ a. How much must you pay each month? b. How much total interest will you pay? a. The monthly payments are approximately S- (Do not round until the final answer. Then round to the nearest dollar as needed.) b. The total interest paid over 5 years is approximately S (Round to the nearest dollar as needed.) Enter your answer in each of the answer boxes
Use PMT = to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $5800 and an annual interest - nt rate of 12%. You decide to pay off the balance over two years. If there are no further purchases charged to the card, a. How much must you pay each month? b. How much total interest will you pay? a. The monthly payments are approximately $ (Do not round until the final answer. Then round to the nearest dollar as needed.) b. The total interest paid over 2 years is approximately $. (Round to the nearest dollar as needed.)
You have asked Raider Bank for a $20,000 signature loan, where you will be charged 1% per month informs you that the terms of the loan requires you to make monthly payments. What is the Excel F your daily payments that will be drawn from your account automatically? 200/12 PUNTO 145 and 200001
Calculate the APR of a loan for $10,025, including loan fees of $310, at 11% for 6 years. (Do not round intermediate calculations. Round your answer to the nearest tenth percent.) APR If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehne is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 6% APR and the following transactions? (Round your answer to the nearest cent.) 31-day billing cycle 10/1 Previous balance 10/3 Credit 10/12 Charge: King Soopers 10/15 Payment 10/25 Charge: Delta 10/30 Charge: Holiday Fun $1,158 $ 85 cr. 142 250 cr. 315 55 Answer is not complete. Amount owed Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by formula. (Do not round intermediate calculations.…

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